03:26 PM EDT, 07/23/2018 (MT Newswires) -- Junex Resources (JNX.TO) was up 3.3% on Monday as Utica Energy raised its offer for the Quebec-based petroleum producer to more than $40 million, to compete with an existing offer to merge with closely held Cuda Energy

Junex said the offer is $0.45 per share plus a pro-rata annual share of 1% of profits from Junex's Galt oil property, a right that can be cashed for $0.10, up from its prior offer earlier this month of of $0.42 per share.

The company said it is studying the new bid to determine if it qualifies as a "superior proposal" to the Cuda offer, which includes a $2 million break fee.

"If the Board determines that the Utica Offer is a Superior Proposal and makes a determination to accept, approve, recommend or enter into an agreement in respect of the Utica Offer, Junex will immediately notify Cuda, following which Cuda shall have a period of seven business days during which it can offer to amend the terms of the Arrangement Agreement," the company said.

Junex shares were up $0.015 to $0.465 prior to be halted on the TSX Venture Exchange at 2:43 eastern time.

Price: 0.47, Change: +0.02, Percent Change: +3.33